The term Equitable Distribution refers to the Court-ordered division of assets (and debts) acquired during the course of the marriage. In apportioning marital property Family Court judges are required by statute to consider a number of factors, including:
- The length of the marriage and the ages of the parties at the time of the marriage and at the time of divorce (or separation);
- Whether either party engaged in misconduct or fault (even if the fault was not used as a basis for divorce) if the misconduct impacted the economic circumstances of the parties or contributed to the breakup of the marriage;
- The value of the marital property and the contribution of each spouse to the acquisition, preservation, appreciation (or depreciation) in value of the marital property;
- The income and earning potential of each spouse, and the opportunity of each to acquire assets in the future;
- The physical and emotional health of each spouse;
- The need of either spouse for additional training or education in order to achieve his or her income potential;
- The existence of non-marital property owned by either spouse;
- The existence (or nonexistence) of vested retirement benefits for each or either spouse;
- Whether the Court awarded separate maintenance or alimony to either party;
- Whether it is desirable to award the family home (or the right to live in the home for a reasonable time) to the spouse who is awarded custody of the children;
- The tax consequences that may result from a particular form of equitable apportionment;
- The existence (and extent) of any support obligations from a prior marriage;
- Debt (i.e. liens and encumbrances on marital property) which must be equitably divided and any other existing debts incurred by the parties during the course of the marriage;
- The child custody arrangement (and support obligations) at the time of the entry of the order; and
- Other relevant factors found and remarked upon by the Family Court judge.